BASIC ENERGY SERVICES INC

CIK:0001109189|SEC Filings

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenues	$ 94,347	$ 128,403
Depreciation and amortization	10,797	14,765
Loss (gain) on disposal of assets	(2,544)	2,619
Nonoperating Income (Expense) [Abstract]
Loss on derivative	(4,798)	(3,552)
Loss from continuing operations before income taxes	(33,762)	(140,219)
Income tax benefit	(287)	(3,790)
Loss from continuing operations	(33,475)	(136,429)
Loss from discontinued operations	(3,797)	(8,452)
Net loss	$ (37,272)	$ (144,881)
Earnings Per Share [Abstract]
Loss from continuing operations per share, basic and diluted (in dollars per share)	$ (1.35)	$ (5.48)
Loss from discontinued operations per share, basic and diluted (in dollars per share)	(0.15)	(0.34)
Net loss per share, basic and diluted (in dollars per share)	$ (1.50)	$ (5.82)
Continuing Operations
Revenues	$ 94,347	$ 128,403
Costs of services, excluding depreciation and amortization	77,171	102,175
Selling, general and administrative	18,054	26,232
Depreciation and amortization	10,797	14,765
Impairments and other charges	7,258	99,694
Acquisition related costs	0	11,684
Loss (gain) on disposal of assets	(1,993)	(37)
Total operating expenses	111,287	254,513
Operating loss	(16,940)	(126,110)
Nonoperating Income (Expense) [Abstract]
Interest expense, net	(12,024)	(10,557)
Loss on derivative	$ (4,798)	$ (3,552)

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash flows from operating activities:
Net loss	$ (37,272)	$ (144,881)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities
Depreciation and amortization	10,797	14,765
Goodwill and other long-lived asset impairments	7,277	97,115
Loss on derivative	4,798	3,552
Inventory write-downs	0	4,846
Accretion of asset retirement obligations	468	467
Provision for expected credit losses, net of recoveries	(576)	1,567
Amortization of debt discounts and debt issuance costs	2,273	1,108
Stock-based compensation	52	1,336
Loss (gain) on disposal of assets	(2,544)	2,619
Deferred income taxes	(262)	(3,674)
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable	7,081	17,473
Inventories	170	700
Prepaid expenses and other assets	166	(1,800)
Accounts payable	3,432	(5,839)
Accrued expenses	12,277	9,702
Other liabilities	(464)	(1,770)
Net cash provided by (used in) operating activities	7,673	(2,714)
Cash flows from investing activities:
Capital expenditures	(331)	(5,595)
Proceeds from sale of assets	5,460	40,274
Payments to acquire business, net of cash acquired	0	(59,350)
Net cash provided by (used in) investing activities	5,129	(24,671)
Cash flows from financing activities:
Proceeds from issuance of long-term debt	0	23,000
Repayments of long-term debt	(2,385)	(8,999)
Repurchases of common stock	0	(6)
Payments of debt issuance costs	0	(225)
Other financing activities	0	(1,525)
Net cash provided by (used in) financing activities	(2,385)	12,245
Net increase (decrease) in cash, cash equivalents and restricted cash	10,417	(15,140)
Cash, cash equivalents and restricted cash - beginning of period	9,985	36,217
Cash, cash equivalents and restricted cash - end of period	20,402	21,077
Supplemental cash flow information and non-cash investing and financing activities:
Interest paid	1,570	1,229
Income taxes paid, net of refunds	(5)	(119)
Fair value of long-term debt issued to settle derivative obligation	9,500	0
Operating lease liabilities incurred from obtaining right-of-use assets	719	1,007
Finance lease liabilities incurred from obtaining right-of-use assets	0	498
Capital expenditures included in accounts payable	(87)	(1,594)
Issuance of Series A Participating Preferred Stock	0	22,000
Recognition of derivative liability	$ 0	$ 9,713

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 4,889	$ 1,902
Restricted cash	15,513	8,083
Trade accounts receivable, net of allowance of $1,805 and $3,053, respectively	53,846	60,351
Inventories	8,546	8,716
Assets held for sale	7,344	4,383
Prepaid expenses and other current assets	11,925	12,010
Total current assets	102,063	95,445
Property and equipment, net of accumulated depreciation of $179,801 and $172,296, respectively	197,766	210,563
Operating lease right-of-use assets	8,896	9,614
Intangible assets, net of accumulated amortization of $1,222 and $1,099, respectively	6,055	6,178
Other assets, net	16,319	27,273
Total assets	331,099	349,073
Current liabilities:
Accounts payable	68,463	64,944
Accrued expenses	67,327	55,264
Current portion of insurance reserves	24,181	22,587
Current portion of finance lease liabilities	6,839	7,520
Current portion of operating lease liabilities	1,800	1,936
Other current liabilities	2,058	8,371
Total current liabilities	170,668	160,622
Long-term debt, net	327,572	317,763
Insurance reserves	19,478	19,636
Asset retirement obligations	10,157	9,697
Operating lease liabilities	8,195	8,488
Other long-term liabilities	12,881	13,499
Total liabilities	548,951	529,705
Series A Participating Preferred Stock; $0.01 par value; 5,000,000 authorized and 118,805 outstanding	22,000	22,000
Stockholders' deficit:
Common stock; $0.01 par value; 198,805,000 shares authorized; 27,912,059 shares issued and 24,899,932 shares outstanding	279	279
Additional paid-in capital	493,819	493,767
Retained deficit	(728,616)	(691,344)
Treasury stock, at cost, 3,012,127 shares	(5,334)	(5,334)
Total stockholders' deficit	(239,852)	(202,632)
Total liabilities and stockholders' deficit	$ 331,099	$ 349,073